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Dental Practice Management DIQ Family

dental practice management

The Family Practice—Are You Ready for Tea for Two? By Drs. Bill and Christina Blatchford- Dental Practice Management Coaches

Dental Practice Management is important when it comes to the joy of inviting a son or daughter to join you in your dental practice, as that joy can be short-lived without long-term planning and communication.

Today’s graduates are a different mind-set and are equipped with different skills then when mom, dad, or both, graduated.

First, the positives:  

There is a positive buzz in the community when the rest of the community learns that they will be joining you and your chosen field.  It is an acknowledgement you must be busy and have room for your offspring to thrive.  It also shows the community your offspring felt highly enough of you to choose the same profession and now wants to join a successful practice.

Congratulations to you!

Children are very observant and many dental offspring choose, “No, never,” to continuing the profession.  When parents complain about staff, patients, inefficiencies, and take charts home, you can spoil a child’s choices.

The spoilers:  What is the health of the practice for two? The father or mother may be 20 or 30 years into private practice and just now has reached a net which you are enjoying.  What is your current net?  Are you currently so busy, you are turning patients away?  If you gain a partner, how much of your personal income are you willing to share so the new partner (your son or daughter) can have a place to practice?

The elder Doctor may be just 50 years old, with 15 or 20 excellent years ahead.  Is there enough production for two?  Is there enough net for two without the elder Doctor sacrificing some net?  If not, how long will the younger Doctor be pleased doing smaller treatments, hoping the practice will grow. How much net does the elder want to sacrifice?

Communication is key-Dental school is the right time to have that serious discussion about a possible partnership. If there might be a possibility of the offspring joining you, there are some things you need to consider and take action upon.  If the offspring will join you, we see it as the elder dentist’s responsibility to create the practice numbers so the younger dentist will have something to purchase.  We cannot wait to grow the practice when the younger graduates.  It must be started now with a communication and a plan of action.

  • Will the elder Doctor be in a financial and emotional position to completely retire? If not, talk about what a partnership entails, an appraisal of the practice as younger enters, your retirement dreams as well as if and when you would ever leave.
  • If not ready to retire now, what is the plan to share the net and increase new patient flow? Discuss the possibility of a practice merger.
  • Is this the only sibling ? If yes, will this be a gift as part of the younger’s inheritance?  If there are other siblings, there will be a buy-in price (not to be determined yet) so all siblings are equal in inheritance?
  • What treatments are presently offered in your practice? What skills can you add in those four years to enhance the offerings and increase the new patient flow?  Perhaps this is a time to become an implant provider, an IV sedation provider, learn new denture techniques combined with implants, etc.
  • Younger people are hooked completely into digital communication. Are you current in your website and SEO? Are all your skills fully exhibited on your website?  Is your website mobile friendly and I-phone compatible?  Are you paperless?  Is everything you do at the office on computers including collecting in the treatment rooms?

Be aware, if the younger is not married upon entering dental school, they probably will select a mate during that time.  Today’s professional has a mate who is also a professional and their location may be determined by population density.  If the mate is an infertility specialist, a larger city is required and coming back home may not be in the cards.

Thus, do not fall for the, “Build it and they will come,” technique.  Use dental practice management wisely. Do not enlarge your office on the hope of your child entering.  A practice can greatly increase treatment offerings and a larger new patient flow in anticipation without building a larger office with ten treatment rooms and the elder is left holding the bag when the younger chooses to practice elsewhere.

During these four years, you could double your new patient flow and add treatment options with the help of an associate who has a strong covenant not to complete, hired on a per day salary to do the smaller things like children, fillings, and dentures.  However, a single practitioner can produce $1.6M to $2M alone before you need an associate.

This is a lot to absorb and our goal would be to help you keep family communication alive and make this the best transition for the elder and the younger.  It is a tricky balance and any missteps can destroy precious relationships.

If you would like more information regarding dental practice management, call or click and talk to Blatchford dental practice management consultancy today.

 

 

 

 

 

 

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